SWOT Analysis. How Does It Help With Marketing Planning?
SWOT Analysis: As a business grows, we face more challenges and obstacles, but we also face better and better opportunities. The question is: how to prioritize? Which initiatives should be introduced first, and which problems should be solved first?
The SWOT analysis has been the answer to these questions for many years. Prepared in the form of a table allows you to plan your business development carefully, determine how to take full advantage of opportunities, and avoid obstacles. Interested? This article will discuss how to use SWOT analysis in your marketing decisions.
Table for special tasks
This method allows you to analyze the activities so far, as well as to apply corrections to improve them. In particular, it enables the evaluation of:
- the overall position of the brand on the market,
- a new project or initiative,
- specific campaign and method of communication.
Virtually every action that requires thoughtful implementation will benefit from the use of SWOT analysis. Thanks to it, we will identify the strengths and weaknesses of the project (what to focus on and what to avoid), take into account various scenarios, and start thinking more critically about our actions (because unlimited enthusiasm can be deadly). So how to do it?
First step
First, prepare a piece of paper. Break it down into a table with four fields – this is where you write down your ideas. Give each one a title:
- S – strengths
- W – weaknesses
- O – opportunities
- T – threats
Then determine what you will evaluate. Be specific – if your field of view is too wide, you can come to conflicting conclusions. Therefore, if you intend to create a new social media campaign, you should conduct a functional analysis from the point of view of content creators. If you are launching a new product, check its potential on the market. If you are preparing to change your image, think about what you want to achieve in the future.
The rest is up to you and your team.
Now you need to fill in the individual SWOT fields. Strengths are what you do best; what works best in your company. Weaknesses are those areas of activity that do not bring good returns or lack specific resources. Opportunities are potential opportunities that you will have the opportunity to seize, and threats are possible obstacles that will stand in the way of our dream success.
With the help of SWOT analysis, you will plan your strategies well and be prepared for many different scenarios – good and bad.
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